经济观察报记者 郑晨烨 11月16日，第二十七届中国国际高新技术成果交易会（下称"高交会"）在深圳国际会展中心正式闭幕。 根据组委会披露的数据，本届展会展览总面积达40万平方米，吸引了5000余家企业参展，累计意向成交 金额突破1700亿元。 本届高交会，给记者留下深刻印象的，是展馆现场所呈现出的技术与应用深度融合的可能图景。从探索 浩瀚宇宙的航天重器，到支撑城市级算力的基础设施，再到具身智能的场景突围，这场科技盛会覆盖了 相当多的前沿领域，从中可以生动感受到中国创新力量的"技术大爆炸"。 当然，在这场"大爆炸"背后，所有创新成果又面临同一个避不开的问题：如何找到清晰、可量化的商业 落脚点？ 聚焦"商业化"落地 高交会开幕首日，中国航天科技（000901）集团的展台前人流络绎不绝，大家都是来看"惊喜"的，因为 在开幕前举行的新闻发布会上，深圳市科技创新局局长张林曾介绍，航天科技集团将在本届高交会上全 球首发中国太空旅游项目。 不过，当天航天科技集团并未在现场展出太空旅游相关项目，占据展台核心位置的，是一枚长征八号甲 运载火箭模型。现场工作人员向经济观察报记者介绍，长征八号甲运载火箭是面向未来低轨巨型星座组 网 ...

Core Insights - The commercial space industry in China is experiencing rapid growth, becoming a key driver of technological innovation and economic growth, with significant advancements expected by 2025 [1][2] - The industry is characterized by a market-oriented approach, with enterprises leading in satellite manufacturing, launch services, and ground equipment manufacturing across various sectors [2] - A surge in financing events has been observed, indicating strong capital inflow into the commercial space sector, with a total of 31 financing events completed by July 2025, amounting to 2.143 billion yuan [3][4] Industry Development - China's commercial space industry has established three major industrial clusters: Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta, creating a comprehensive industrial system [2] - The frequency and technology of launches have significantly increased, with notable successful launches in October, showcasing the industry's capabilities [2] - By 2030, the market size of China's commercial space industry is projected to reach 7.8 trillion yuan, highlighting its potential for future growth [5] Financing and Investment - Recent months have seen an acceleration in financing activities, with companies like Star Glory Aerospace and Xinghe Power securing substantial funding [4] - The IPO process for several commercial space companies is also advancing, indicating a growing interest from the capital markets [4] - The development of the commercial space industry is supported by multiple factors, including policy incentives, capital influx, enhanced innovation capabilities, and increasing market demand [4]

Core Insights - China is rapidly advancing its satellite internet capabilities, with significant recent launches marking a shift towards high-density deployment of satellite constellations [1][5][16] - The country is developing two major satellite internet projects: the State Grid Constellation (GW Constellation) and the Qianfan Constellation, both aiming for extensive global coverage [2][5][7] Group 1: GW Constellation - The GW Constellation, managed by China Satellite Network Group, aims to create a global integrated communication system and has successfully launched over 100 satellites [1][5] - The recent launch of the 12th batch of satellites occurred just 20 days after the previous mission, indicating a significant increase in launch frequency [5][16] - The long-term goal for the GW Constellation is to deploy a total of 12,992 satellites in low Earth orbit by 2027 [5][8] Group 2: Qianfan Constellation - The Qianfan Constellation, developed by Shanghai Yanshin Satellite Technology, is China's second large-scale satellite internet project and has also entered the network deployment phase [2][5] - The company completed a record A-round financing of 6.7 billion yuan in February 2024, highlighting strong investor interest in the satellite industry [2][7] - Qianfan plans to have 324 satellites in orbit by mid-2026, increasing to 648 by the end of that year, and aims for 1,296 satellites by 2027 [7] Group 3: Market Dynamics - The rapid deployment of satellite constellations is driven by the urgency to secure orbital resources and frequency allocations, as countries must launch a percentage of their planned satellites within a specified timeframe [8] - The cost of manufacturing low Earth orbit satellites has significantly decreased, now ranging from 30 to 40 million yuan per satellite, facilitating faster deployment [8] - The commercial rocket sector is expected to benefit significantly from the satellite constellation construction, with market potential reaching hundreds of billions in the next decade [16] Group 4: Technological Advancements - The success of satellite internet constellations relies on high-capacity, low-cost launch capabilities, with China's Long March series rockets playing a crucial role [17] - The development of reusable rocket technology is essential for reducing launch costs and increasing frequency, with the industry aiming for rockets to be reused multiple times [17] - The competitive landscape is influenced by the ability to achieve lower costs and higher launch frequencies, with companies focusing on technological advancements to meet these demands [17]

Group 1 - The 20th Central Committee's Fourth Plenary Session emphasizes the concepts of "a strong aerospace nation" and "a strong transportation nation," highlighting the importance of advanced manufacturing as the backbone of a modern industrial system [1] - The session is expected to build on the achievements of the 14th Five-Year Plan, focusing on the goal of military modernization by 2035, with a specific target set for the centenary of the People's Liberation Army in 2027 [1] - The successful launch of 12 low-orbit satellites using the Long March 8 rocket marks a significant step in China's satellite internet construction, indicating a shift towards regular deployment and accelerated progress in low-orbit constellation networking [1] Group 2 - The military industry is experiencing three major growth trends: domestic demand driven by low-cost precision-guided munitions and unmanned systems, accelerated construction of an informationized and intelligent combat foundation, and a potential surge in military trade demand due to regional conflicts [2] - The military ETF sector has shown strong performance, with the China Securities Military Industry Index rising by 2.16%, and key stocks such as Aerospace Intelligence and China Satellite reaching their daily limit [2] - The leading military ETF has seen significant growth in scale, with an increase of 49.45 million yuan over the past two weeks, and a total inflow of 412 million yuan over the last ten trading days [2]

Core Viewpoint - The successful test of the YF-75DB hydrogen-oxygen engine marks its official entry into the engineering application phase, enhancing the capabilities of the Long March 8 rocket [1] Group 1: Engine Performance and Features - The YF-75DB engine underwent rigorous testing, completing four test runs with nine ignitions since September 22, validating its performance under complex conditions [1] - The engine features an advanced torch ignition method, allowing for multiple ignitions and eliminating the need for pyrotechnic components, thus improving testing efficiency and reducing testing cycles [1] - The optimization of the gas path system simplifies the testing operation process, further enhancing testing efficiency [1] Group 2: Weight and Capability Enhancements - The YF-75DB engine incorporates several weight-reduction designs, effectively decreasing the overall weight of the engine and improving the rocket's payload capacity [1] - The engine is set to be integrated with the Long March 8 rocket next year, which is expected to enhance the rocket's market competitiveness [1]

Core Viewpoint - The defense and military industry sector is experiencing localized activity, with commercial aerospace concepts gaining strength, particularly led by China Satellite, which rose over 4% [1] Group 1: Market Activity - The defense military ETF (512810) saw a peak increase of nearly 1% during the session but later fluctuated downwards, indicating a strong buying interest despite the decline [1] - As of last Friday, the defense military ETF (512810) has recorded a net subscription for six consecutive days, totaling 73.71 million yuan [5] Group 2: Industry Developments - On October 19, the successful launch of the Kuaizhou-1A rocket by China Aerospace Science and Industry Corporation marked a significant achievement in commercial aerospace, successfully placing three satellites into orbit [1] - The Long March 8 rocket successfully launched 12 low-orbit satellites for satellite internet, indicating advancements in China's satellite internet manufacturing market, projected to reach a market size of 25 billion to 46 billion yuan by 2030 [3] - The defense and military industry is expected to enter a new growth cycle, with a focus on next-generation equipment and rapid expansion in information and intelligence capabilities [3] Group 3: Investment Opportunities - The defense military ETF (512810) covers a wide range of themes, including controlled nuclear fusion, commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, and military AI, making it an efficient tool for investing in core assets of the defense and military sector [6]

Core Viewpoint - The successful launch of 12 low-orbit satellite internet satellites by China using the Long March 8A rocket at the Hainan commercial space launch site marks a significant achievement in the country's space capabilities and satellite internet development [1] Group 1 - The launch occurred on October 16, 2025, at 9:33 AM Beijing time [1] - The satellites successfully entered their designated orbits, indicating the effectiveness of the launch [1] - This mission contributes to the advancement of satellite internet technology in China [1]

本报海南文昌10月16日电 （记者董泽扬、刘诗瑶）北京时间10月16日9时33分，我国在海南商业航天发 射场使用长征八号甲运载火箭，成功将卫星互联网低轨12组卫星发射升空，卫星顺利进入预定轨道。这 标志着我国长征系列运载火箭第600次发射取得圆满成功。 （文章来源：人民日报） ...

Core Insights - The successful launch of the Long March 8A rocket marks the 600th mission of China's Long March series, showcasing advancements in high-density launch capabilities [1] Group 1: Launch Efficiency - The Long March 8A rocket is designed to meet high-density launch demands, utilizing a "test and launch pulse" model to minimize downtime between launches [1] - The launch team has implemented a detailed staffing mechanism to ensure specialized roles are filled, allowing for precise scheduling of tasks down to hourly intervals [1] Group 2: Space Coordination - Effective space coordination within the testing facility allows for simultaneous operations of different rocket models, preventing conflicts and optimizing workflow [2] - The launch team proactively manages equipment usage to avoid interference during critical operations, enhancing overall efficiency [2] Group 3: Hardware Upgrades - A new vertical testing platform has been installed, significantly increasing testing capacity and enabling parallel testing of two rockets [3] - The upgrades are expected to double the annual launch capacity from 10 to 20 missions, aligning with future high-density launch requirements [3]

Core Points - The successful launch of the Long March 8A rocket marks the 600th mission of the Long March series, showcasing China's rapid advancements in space technology [1][2] - The Long March series has launched nearly 1,400 spacecraft and completed approximately 86% of China's space missions, achieving world-class success rates and operational capabilities [2] - The proportion of commercial launches using the Long March rockets is increasing, with the Long March 8A rocket being a key player in satellite internet deployment [2] Summary by Categories - **Launch Milestone** - The Long March series has achieved its 600th launch, completing the first 100 launches in 37 years and the last 100 in just 1 year and 10 months, setting a new record for China's space program [1] - **Operational Success** - The Long March series has successfully launched nearly 1,400 spacecraft and is responsible for about 86% of China's space missions, with high success rates and precision in orbit insertion [2] - **Rocket Development** - Among the 24 types of rockets developed since the first launch, 11 are new-generation rockets, with 40% of launches from the 501st to the 600th being from these new models, indicating a shift towards more advanced technology [2] - **Commercial Launches** - The Long March series is increasingly involved in commercial launches, covering various fields such as communication, remote sensing, and navigation, with the Long March 8A rocket being noted for its economic and adaptable features [2]